Zhang Yiming, the founder of ByteDance and owner of TikTok, has emerged the richest person in China, according to multiple wealth rankings.
The Bloomberg Billionaires Index revealed on Thursday that Zhang is now the 24th richest person in the world.
Zhang has superceded bottled water tycoon Zhong Shanshan and Tencent Holdings co-founder Ma Huateng as his fortune is estimated at $57.5 billion by Bloomberg.
Forbes’ Billionaires List and the Hurun Rich List have also confirmed that he is the wealthiest Chinese individual.
At 42 years old, Zhang founded ByteDance in 2012, and as of January 2025, the company’s valuation exceeds $400 billion. ByteDance owns several popular mobile applications, including CapCut, Xigua Video, and Douyin, the Chinese version of TikTok.